Which law is primarily focused on consumer protection in residential mortgage lending?

The Truth-In-Lending Act is primarily focused on consumer protection in residential mortgage lending because it mandates clear disclosure of the terms and costs associated with borrowing money. This law aims to ensure that consumers receive essential information regarding the financing of their homes, including the annual percentage rate (APR), the total cost of credit, and any associated fees. By requiring lenders to provide this information in a standardized format, the Act empowers consumers to make informed decisions and compare different loan offers more easily.

The emphasis on transparency and clarity helps prevent deceptive lending practices, allowing borrowers to understand their obligations and the true cost of their loans. This is crucial for promoting fair and responsible lending practices in the residential mortgage market.

In contrast, while the other laws listed have their own consumer protection elements, they target different aspects of the lending process. The Fair Credit Reporting Act, for instance, focuses on the accuracy of credit reporting and the rights of consumers regarding their credit information. The Home Ownership and Equity Protection Act is designed to enhance disclosures specifically for high-cost loans, and the Real Estate Settlement Procedures Act primarily addresses issues related to settlement costs and the closing process in real estate transactions. Thus, the Truth-In-Lending Act stands out as the law that most directly addresses consumer protection in the